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Matthias Knab, Opalesque for New Managers: Two individuals have been arrested on suspicion of money laundering and running an illegal cryptoasset exchange, according to the UK's Financial Conduct Authority.
As part of an operation led by the Financial Conduct Authority (FCA) and the Metropolitan Police Service, four premises across southwest London were searched. During the search, seven crypto ATMs were also found and seized by the FCA.
Therese Chambers, Executive Director of Enforcement and Market Oversight at the FCA, said, "If you're operating a crypto ATM or exchange illegally, then you should expect serious consequences. There are currently no legally-operated crypto ATMs in the UK, so using one only supports crime. We will continue to partner with law enforcement agencies to fight financial crime and protect consumers."
Detective Inspector Geoff Donoghue, of the Met's Cryptocurrency Team, said: "Our team is committed to working alongside our partners to address the growing threat of the misuse of cryptocurrencies.
"As cryptocurrency usage evolves, so does our efforts to safeguard our communities. This operation with the FCA shows our determination to keep Londoners safe from financial criminals."
It is illegal to operate a cryptoasset exchange or a crypto ATM in the UK without FCA registration. Failure to comply with money laundering regulations is a...................... To view our full article Click here
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